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South Korea ‘Speeding Up’ Crypto Efforts: FSC to Issue Institutional Investment Guidelines by Q3
The Financial Services Commission (FSC) of South Korea has announced that it will be releasing institutional investment guidelines for the cryptocurrency market in the third quarter of this year. This move is a significant step towards promoting institutional adoption and creating a healthier market environment.
In a recent statement, FSC Vice Chair Kim noted that while laws are essential, creating “best practices” for a healthy market, including trading, disclosure, and reporting, is crucial. He emphasized that institutional participation is about changing practices, not just laws.
To achieve this goal, the FSC has outlined several measures. First, it will establish minimum internal control standards for nonprofit entities to accept digital assets and disclose professional investors and trading processes. This move aims to increase transparency and accountability in the market.
Secondly, the FSC urged banks and crypto exchanges to take meticulous anti-money laundering (AML) measures that align with international AML standards. The Digital Assets Exchange Association (DAXA) has been asked to establish a seamless computer system to accommodate the rapid growth of the virtual asset market.
These efforts demonstrate South Korea’s commitment to creating a more stable and regulated cryptocurrency market. The country is taking significant strides in promoting institutional adoption, which is essential for the long-term success of the industry.
As the global cryptocurrency market continues to evolve, it is crucial that regulatory bodies take proactive steps to ensure the integrity of this nascent market.
